U.S. Trade and Development Agency
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USTDA GRANT SUPPORTS THE DEVELOPMENT OF A DISASTER
RECOVERY SYSTEM AT THE NIGERIAN STOCK EXCHANGE
LAGOS, NIGERIA – (March 17, 2006) Supporting the development of a robust and secure capital market in Nigeria is the goal of a U.S. Trade and Development Agency (USTDA) grant awarded today to the Nigerian Stock Exchange (NSE). The $236,410 grant will be used to provide technical assistance to the NSE in order to develop disaster recovery and systems backup plans.
A signing ceremony to officially confer the grant was held today at the NSE in Lagos. USTDA Regional Director for Sub-Saharan Ned Cabot and NSE Director General Dr. Ndi Okereke-Onyiuke signed the grant agreement on behalf of the U.S. government and NSE, respectively. The Commercial Attaché at the U.S. Consulate in Lagos, Joanna McInerney, and NSE General Manager of Emerging Markets and Special Projects Uzoma Henry Onyekuru signed as witnesses to the grant agreement.
The seamless continuation of business processes and services is critical for the rapidly expanding NSE. Volume transactions at NSE are doubling each year and capitalization has grown at a rate of 30% annually. The USTDA grant awarded today will fund technical assistance that will provide a mechanism for continuous trading and support at NSE in case of a failure of the main building or equipment. By encouraging NSE’s adoption of the best practices and procedures of more developed stock exchanges, this assistance will enhance NSE’s image as one of the top exchanges in Africa and will attract further investment.
The opportunity to provide the technical assistance under the grant awarded today will be competed on the Federal Business Opportunities website at www.fedbizopps.gov. Interested U.S. firms should submit proposals according to the instructions contained in the Federal Business Opportunities announcement. The NSE will select the U.S. contractor that will provide the technical assistance.
The U.S. Trade and Development Agency advances economic development and U.S. commercial interests in developing and middle-income countries. The agency funds various forms of technical assistance, feasibility studies, training, orientation visits and business workshops that support the development of a modern infrastructure and a fair and open trading environment. USTDA’s strategic use of foreign assistance funds to support sound investment policy and decision-making in host countries creates an enabling environment for trade, investment and sustainable economic development. In carrying out its mission, USTDA gives emphasis to economic sectors that may benefit from U.S. exports of goods and services.